Saturday, November 5, 2016

USDA Loans MORE Affordable and BEST 100% Financing in the Marketplace

USDA loans are a GREAT way for anyone to purchase a home,
but especially first time homebuyers when coming up with a down payment is next to impossible for many.
Just last month USDA lowered the USDA Guarantee fee from 2.75% to 1% and the annual fee from .50% to .35% this incredible decrease will make it possible for even more buyers to qualify with lower monthly payments.
Ok so what is a USDA loan anyway? It is a US Department of Agriculture backed loan for suburban and rural home buyers, it’s a 100%... that’s right NO money down mortgage loan and part of the Rural Development Guaranteed Housing Loan Program. With reduce mortgage insurance premiums and lower then market interest rates.
I’ve been originating mortgage loans for over 20 years and this loan is by far the best, even better then FHA, that require 3.5% down payment and upfront fees of 1.75% and an annual fee of .85 for loans above 95%LTV.
There are income limits with a USDA home loan, tied to the area’s median income levels and is defined by those earning up to 115% of the county in which the property is located. Most people will find they fall within these income limitations.
The property must be eligible as well but you can easily check for income and property eligibility by clicking on this link.
USDA Property and Income Eligibility

In most cases depending on your area, owning a home and having a USDA loan could be cheaper then renting. 

If you have questions about either USDA or FHA loans give me a call or shoot me an email.
Ready to get pre-approved, let's get started. 

Your comments and questions are always welcomed and encourage. 
Thank you for visiting my blog.

Roxy Redenbaugh
ACMC Loan Consultant
Certified Mortgage Coach
Branch Manager
NMLS #269926

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